THE MORN'TXCr OHECiONTAX. 310 XT) AY, NOVEMBER 2?, 1922
EUROPE'S CONDITION
IS DECLARED BETTER
Industry Is "Booming in
France and Belgium.
OCEAN SHIPMENTS GROW
Of 7,200,000 Acres Devastated
in War 6,500,000 Are Re
stored to Production.
The visit of M. Clemenceau to the
Cnited States and the ideas that ha has
expressed through his addresses and
newspaper articles have caused the lead
ing financiers of the country to give
more thought to conditions in Europe
than has been their custom in the last
three years. A large majority of the
bankers are firm in the opinion that this
country must take a more vital interest
In European affairs if conditions here
are to be what they should, but they
refuse to regard Europe as a mass of
ruins resultant of a iong war.
In an address delivered in New York
city a few days ago C. E. Mitchell, presi
dent of the National City bank, and one
of the most important figures in Ameri
can finance, expressed it as his opinion
that Europe as a whole is in a much
healthier condition today than she has
been in any period for a long time.
"Fundamental, economic and indus
trial conditions of Europe are so much
better today than they were a year ago
that the picture shows complete change,"
declared Mr. Mitchell. "France is busy,
Belgium is busy, and all of the countries
of Europe that I have gained a view of,
inside or outside, are industrially active.
Sources of production have been opened
up and trade is active.
"Of course, all of these countries are
endeavoring to be self-contained and
they are setting up their walls of pro
tective tarriff gradually. The last week
in October showed tonnage carried by
French railroads to be 40 per cent in ex
cess of that carried during the same
period of a year ago. Ocean tonnage
showed approximately the same increase.
By and large the production of 1- ranee
is 'probably greater today than at any
time m the history of that nation. Ex
port trade is on the upgrade. Hotel
business which is indicative of that trade
which helps so much in the invisible
trade balance has had a record year in
Paris, and throughout France, for that
matter. -
"Banks which distribute securities
throughout France have told me - that
they have been having a very excellent
steady business and that there is a con
slant absorption which is of an encour
aging character. France has not yet
obtained the advantage of reparations
work that has been done in the north,
but that work is reaching a stage where
it is about to be felt in the productivity
of France and as a const queuce, in her
financial position.
"We are inclined to think of France
as a tremendousiy devastated country,
As a auv'ter of fact out of the 7,2ltf),
000 an- i of land that were devastated
ti.o00.000 have been returned to produc
tioa Trenches have been covered, ex
fii jlvs have been taken out, wire en
tanglements have" been removed and peo
ple have returned. In the north
ern portion of France had a population
of 4,700,000, and today it has a popula
tion of 4,100,000. It is not a country
without labor for the production of
wealth. Railroads of that country are
all working. Moet of the houses de
stroyed have been replaced and those
that were damaged have been repaired to
the extent of about half. Factories are
all in operating condition and there is
practically no unemployment. Alsace
and Lorraine, territories again added to
France, are just getting into production
and are adding much wealth to their
country. In September their production
of pig iron was 4rtl000 tons, while in
3921 their monthly average was 382,000
inns, and in the previous year 285,000
tons. I mention these figures because
they show development of the country
and new, economic forces, of France and
the improvement is taking place.
"In France I recently found a firm de
termination to avoid the pitfalls of in
flation. The facts are that during the
last two- years France has deflated its
currency up to 7 per cent. M. Rubeno,
head of the bank of France, which is
an issuing bank, expressed himself thus;
l will cut my right hand off at the
writ before I ever sign an authorization
for an issue of an additional franc in our
circulation." The same views were ex
pressed by the minister of finance, M.
Delsteyrie, and his associate, M. Par
men tier.
"We need not exDect the f-nhoetran 1Ma
decline in the franc that has taken place J
in the mark, ho long as the French hew
to this line, and they are determined
men, we need not fear that their cur
rency will be inflated as pallative to their
trouhles.
'fn talking1 with mn on the street in
France one gets the idea that there is a
strong feeling of resentment against the
English and the Americans, too, for that
matter. There ia no question about that,
but when one meets the thinkers, the
men who control the destinies of the na
tion, one finds them thoroughly alive to
the absolute necessity of standing shoul
der to shoulder with England."
After having traveled more than 9000
miles on. tour that took him through
the south and. to the principal cities of
the east, F. A. Freeman, president of
Freeman, Smith & Camp company, re
turned to Portland last week.
"There is a much greater amount of
money in America than there is any de
mand for," declared Mr. . Freeman yes
terday. "The reserves of the commer
cial and federal reserve banks will show
this. Liquidations of merchandise stocks
and of bank loans have taken place
with unforeseen rapidity, and as the
result banking reserves have accumu
lated enormously in excess of reason
able requirements. The peak of season
able demand for crop movements has
been reached. Business has been re
tarded by car shortages, but the rail
roads are handling traffic now an ag
gregate amount as great as at any
time in the history of the nation.
"Many of the great corporations by
economizing and exercising great energies
in selling have gotten out of the pre
carious condition in which they found
themselves, and as the result are mov
ing forward by leaps and bounds. As
an illustration, one of the big mail
order houses of the country a few years
ago discontinued dividends on its 7 per
cent preferred stock. Just recently they
declared a dividend of 7 per cent
for bringing out of default their
four quarterly unpaid dividends and
are declaiing their regular per cent
falling due. This improved condition
is particularly pertinent as It evidences
the fact that the buying power of the
agriculturist is again becoming a strong
factor in the business conditions of the
country.
"Profitable employment of our surplus
capital at what is deemed reasonable
rates of interest in consideration of our
tax situation is a coming problem. Europe
and South America need our support
badly. If we will permit ourselves to
be scared by the propaganda of pro
fessional traders running down 15 to 20
points the market value of the dollar
bonds of the nations of the world with
hitherto unsullied reputation and per
fect records of performance, those na
tions are not going to be able to trade
with us. Defects are showing up in
our tariff and merchants and bankers
are strong in their criticism of it,"
1
G. E. Miller & Co. will today offer
an issue of $95,000 6 per cent bonds on
the Crook county irrigation district. The
district comprises 3745 acres of land,
the most of which is now under culti
vation. The remainder is used for pas
ture lands. The district adjoins the
central Oregon irrigation district, which
has been under irrigation for a long
period of time, and supports the cities
of Bend and Redmond.
i-tM - 1- " "
i- 1 .-3
New Residence Theft Policy
GRAIN TflflDE CHANGES OP
PLAXS for exports to af
fect MARKET.
Sfaintenance of Prices on Level
Equitable to Producer and
Consumer Is Factor.
BT D. MICHAELS.
(By Chicago Tribune Leased Wire."!
CHICAGO. Nov. 26. The grain trade
faces a number of important conditions
which present several cross currents. Oh
one hand is the effort being made by
President Harding and the farm bloc,
as well as a number of leaders in the
grain trade, to obtain better prices for
farmers through establishing of more
lenient credits at home and abroad. The
idea is to dispose of the surplus by giv
ing buyers in foreign countries a more
extended time for payments, which can
probably be worked out through the
war finance corporation.
The maintenance of prices on a level
that would be equitable to both pro
ducer and consumer is another important
factor that has to be considered.
While members of the farm bloc are
anxious to have higher prices, they are
also preparing to legislate against the
grain exchanges, which are the best
friends of the farmers, affording an
open market for his products at all
times. They also give the consumer
through the millers and producers of.
food products generally, as well as the
foreigner, a market in which unlimited
supplies can be bought at all times on
reasonable margins. Exchanges have
minimized the cost of handling grains.
It might be well for them to stop and
consider the disastrous effect on grain
prices produced by government inter
ference two years ago, which resulted in
lowering values to below cost of pro
duction in the latter part of 1021 and
brought on general business depression.
A disturbance of modern marketing ma
chinery cannot ' be made without ad
versely affecting values, and the sooner
the farm leaders wake up to this fact
the better it would be for the country
in general.
The wheat situation presents unusually
Interesting features.. Foreign needs are
great. Prices are at reasonable levels
and there is a large distribution going
on. World's shipments last week were
17,000,000 bushels and are expected to
equal thnt figure n the showing today.
r p
P
h
El
11,
We have originated and are now prepared to
issue a new form of residence theft policy
which embraces both blanket and specific
coverage.
This New Policy
free frptn co-insurance and technicalities, at
a substantial reduction in rate, meets a public
demand for protection at minimum cost.
This Policy opens up a vast
new field for brokers among'
people now without protection
Present policy holders will also be interested
in this new form.
National Surety Company
NEW YORK
523 Gorbett Building, Portland, Or.
H. C. Leigh, state manager, operating under Pacific Coast Executive
Department with, full Home Office Powers.
World's Largest Surety Company
It is necessary to keep the shipments up
to about this level fur the remainder ot
the season to supply European require
ments. Consumption of corn on the farms is
immense, according to J. P. Griffin.
There are more hogs on the farms than
last year' and they are consuming an
enormous amount of corn. Cattie feed
ing is larger than usual, and while there
is a greater volume of corn moving from
the farms in all directions, particularly
to the west, southwest and southeast,
there is also a fair consumption in the
east.
Hotel Drive to Continue.
CENTRALIA, Wash., Nov. 26.
(Special.) A corporation that will
take charge of the assets of Centra
lia's community hotel was organized
temporarily Friday night with Dr. J.
H. Dumon as chairman, R. B. Edmis
son secretary and W. H. Oliver treas
urer. Ballots will be mailed to near
ly 800 purchasers of hotel stock the
first of the week for the purpose of
electing a board of 15 trustees. It
was voted Friday night to continue
the hotel campaign until stock to the
amount of $200,000 'has been d's
posed of.
Episcopal Deanery to Convene.
ST. HELENS, Or., Nov. 2.6. (Spe
cial.) Beginning tomorrow night,
the winter convocation of the North
ern Deanery of the Episcopal church
will convene in Christ's church, St.
Helens. The deanery will bring to
gether some 15 to 20 clergymen and
One Hundred and Forty Years
Mutual Confidence
DURING the years of America's greatest financial need
from 1784 to 1789 the only foreign loans we received were
from Holland. Our first loan from Dutch bankers was in 1782,
just one hundred and forty years ago.
The wisdom of this judgment typifies the farsighted and discriminat
ing attitude which has dominated Dutch finance and industry for
centuries.
The bonds listed below derive their greatest strength from thess
national qualities. We believe that their present prices offer American
investors an excellent opportunity to take advantage of the existing
European conditions with confidence, safety and profit
Kingdom of The Netherlands
50 Year 6 Sinking Fund Gold Bonds
Present Quotation about $960 per 2,500 Guilders
Dutch East Indies
40 Year 6 Sinking Fund Gold Bonds
Present Quotation about 922 and interest .
Holland American Line
20 Year 6 Sinking Fund Bonds
Present Quotation about $845 per 2,500 Guilders
Anton Jurgens United (Margarine) Works
25 Year Secured 6 Sinking Fund Bonds
Present Quotation about $765 per 2,500 Guilders
We shall be glad to supply detailed information,
or execute orders for any of the above issues,
White, Weld & Co.
laymen of the Episcopal church.
Rev. Horace D. Ramsey, dean of the
pro-cathedral of St. Stephen, the
Martyr will lead the discussion and
the meeting will be presided over by
Rev. Walter F. Sumner, D. D., bishop
of Oregon, who conducted the ser
vices this evening.
.-Tu l;iy'7-w,.
'K
FIFTH AND STARK STS.
We Offer a Portion of Our
$103,000
Port of Umpqua, Douglas County, Or.
6 General Obligation Bonds .
Dated May 15, 1921 Due Serially 1931 to 1935
Denomination $1000
FINANCIAL, STATEMENT Assessed valuation of taxable
property, 1921, $4,683,970. Total bonded indebtedness (in
cluding this issue), $335,000.
The Port of Umpqua, in the western half of Douglas County,
Oregon, comprises timber; rich farming and dairying lands,
1 and the towns of Reedsport and Gardiner.
Merchantable timber within the district es
timated at 11,181,500,000 board feet. Dairy
ing, farming, fishing, stock raising and
lumbering are the principal industries.
Dairy receipts estimated at ?o00,000 an
nually, with $100,000 from fishing. Rail
and water transportation.
These bonds are a direct obligation of the entire Port district
payable from ad valorem taxes levied upon all the taxable'
property above described.
Exempt from Federal Income Tax
IMKRENDAJXeCQ
PRICED
TO YIELD
&40
INCORPORATED
-jJgT OREGON
PORTLAND.
Cowlitz County, Washington,
Diking District No. 15 0
7 Gold Bonds .
i
Dated Opt. Serially Due
Nov. 1, 1922 1924-37 Jan. 1, 1941
Denomination $500
Strong Features: '
1 Payable, principal and interest, from taxation.
2 Prior tax lien on 837 acres valuable land-
3 Bank ahead of first mortgages, including those
securing Federal Land Bank bonds.
4 Free from Federal income taxation.
5 Legal investment for savings banks and trust
.funds in Oregon and Washington.
6 Legal to secure public deposits in Washington.
Price to yield
OL
NEW ISSUE
MUNICIPAL BONDS
$95,000
.J, 6 Serial Gold Bonds
Crook County
Improvement Dist. No. 1
A Municipal Corporation of Crook County, Oregon
DATED JULY 1, 1920 DUE SERIALLY, JULY 1, 1926-1945
Principal and semi-annual interest (January 1 and July 1) payable at the office of the .
County Treasurer of Crook County, Prineville, Oregon, or at the Fiscal
Agency of the State of Oregon, New York City.
,-' - .. Denomination, $500 ?
Exempt From Federal Income Tax
CERTIFIED BY THE SECRETARY OF STATE OF THE STATE OF OREGON,
AFTER A COMPLETE EXAMINATION OF THE DISTRICT BY THE STATE
SECURITIES COMMISSION, composed of the State Superintendent of Banks, State
Engineer and the Attorney-General of the State of Oregon.
LEGAL INVESTMENT for Savings Banks, Commercial Banks, Trust Companies,
Trust Funds, Insurance Companies-and State School Funds in Oregon.
LEGALLY ACCEPTABLE to secure deposits of State, County and City Funds in
Oregon Banks.
INTEREST PAID BY THE STATE OF OREGON up to and including January
1, 1925.
THESE BONDS ARE A GENERAL OBLIGATION of the entire District, and
the interest and principal payments are provided for by municipal taxes assessed
against the lands in the District. These taxes are entered upon the County Assessment
Roll by the County Assessor and the tax collected and accounted for in the same manner
as other municipal taxes and the collection thereof is enforced in the same manner as
all taxes of the County. ,
THE DISTRICT TAX is a lien on the land, RANKING AHEAD OF ALL FIRST
MORTGAGES, including mortgages by which FEDERAL LAND BANK BONDS are
collaterally secured.
, THE VALUATION of the District is conservatively appraised at more than FOUR
TIMES the amount of these Bonds.
legality approved by Teal, Minor & Winfree, Portland. Oregon, and the Attorney General
of the State of Oregon.
Amounts and Maturities
Amount.- Maturity.
$3,000... July 1, 1926
3,000 July 1, 1927
3,000 July 1, 1928
3,000 July 1, 1929
3,500 July 1, 1930
3,500.. .July 1, 1931
4,000..... July 1, 1932
4,000 July 1, 1933
4,500 July 1, 1934
4,500 July 1, 1935
Amount. Maturity.
$5,000 July 1, 1936
5,000 July 1, 1937
5,500 July 1, 1938
6,000 July 1, 1939
6,000 July 1, 1940
6,500 July 1, 1941
7,000 : July 1, 1942
7,500 July 1, 1943
8,000 July 1, 1944
2,500 July 1, 1945
Price: to Yield 6.25
Orders may be wired collect. Bonds offered subject to prior sale,
write or phone Main 4195 for special circular or reservations.
Call,
G'E'MILLER & COMPANY
Los Angeles
Van Nuys Bldg.
MUNICIPAL l'(?i"CbRPORATION
PORTLAND
N. W. Bank Bldg.
2d Floor N. W. Bank Bldg,
PORTLAND
SEATTLE
Hoge Building
San Francisco
105 Montgomery St.
Phone Main 4195
The statements contained herein are not guaranteed, but are based upon information and advice which
we believe to be accurate and reliable, and upon which we have acted in purchasing these securities.
7.14
On Your Money.
A Safe and Sound Invest
ment. Easy Terms.
$10.00 Down and $10.00
a Month.
Our 7 Prior Preference
Stock Now Offered at
$98, Par Value $100.
For Further Information
Investment Department
Portland
Railway,
Light &
Power Co.
Room 605
Electric Building
Portland, Oregon.
6.25
Wire or Write for Detailed Circular
Ralph Schneeloch Company
, MUNICIPAL
CORPORATION
A Loan You
Will Find Easy
to Pay
ON our ten-year monthly
payment plan $12.10 per
month on each $1000 borrowed
will retire both principal and
interest.
Our loaning funds are unlim
ited, and no time is wasted in
needless negotiations between
other parties.
Portland Trust
Company qf Oregon
SIXTH AND MORRISON
? Nortlwestern NaiowBahh
Second Floor
LunbermensBldg.
Phone your want ads to . The
Oregonlan. Mala 7070.
U....l..l.t.t.t.l.l.l.l.l.t.f.l.l.l.l.t.t.M.t.lJ.I.M.l.l..IJ.IJ.I.I..l
We offer the unsold portion:
$150,000
Coast Power
Company
First Mortgage 6 Bonds
Dated July, 1, 1922 Due July 1, 1042
Interest payable Jan. 1 and July 1
.at Ladd & Tilton Bank
DENOMINATIONS $1000-$500
Free from normal Federal Income Tax up to 4.?o
The Coast Power Company furnishes without com
petition practically all the electricity used for light
and power in Tillamook County, Oregon.
These Bonds are secured by a direct first mortgage
on all fixed property of the Company. Net earnings
are over SVa times total interest requirements.
This issue offers an exceptional opportunity for a
long-time investment in one of the most substantial
public utility companies in the Northwest and, as in
the case of other well secured local issues which this
bank has sold, will enjoy a good secondary market.
Complete details on request.
nyrpr?TTYT'i'nTrrrr?T?rmTITi
i & TBLTON is
BANK. I
Oldest in the Northwest
WASHINGTON
at THIRD
890,000,000 FEET
National Forest Timber
for Sale
THE FIRST TWIT OP OXE OF THE LARGEST TTNUEVKLOPEB
TRACTS OF YELLOW PJLME IS THE L'KITED STATES.
LOCATION AND AMOUNT All the merchantable dead timber stand
ing or down and all the live timber marked or designated for ;
cutting on an area embracing about 67,400 acres in Twp. 15 S., i
Ranges 29, 30 and 31 E., Twp. 16 S., Ranges 29, 30, 31 and 32 E.,
and Twp. 17 S.. Ranges 29, 30 and 31 E., W. M., Silvies river
watershed, Malheur national forest, Oregon, atimated to be
770,000,000 feet B. M., more or less, of western yellow pine and
120,000,000 feet B. JVL. more or less, of Douglas fir, western larch,
white fir, lodgcpole pine and other species of timber. The cut
ting of other species than western yellow pine to be optional .
with the purchaser.
STCHPAGE PRICES Lowest rates considered, $2.75 pe. M for
western yellow pile and J. 50 per M for other species. Rates to be
readjusted April 1, 1928, and at three-year intervals thereafter.
DEPOSIT $25,000 must be deposited with each bid to be applied '
in the purchase price, refunded or retained In part as liquidated '
damages, according to conditions of eale. ;
FINAL DATE FOR BIDS Sealed bids will be received by the Dis- ;
trict Foiester, Portland, Oregon, up to and Including February
15, 1923.
The right to reject any and all bids reserved.
Before bids are submitted full information eoncemingf th ,
character of the timber, conditions of eale. deposits and the sub
missison of bids should be obtained from the District Forester, '
Portland, Oregon, or the Forest Supervisor, John Day. Oregon. '